金融稳定报告

Financial Stability Report 2025. 6 Financial stability refers to a condition in which the financial system works smoothly with all ofits key components satisfactorily performing their roles: Financial institutions carrying out theirfinancial intermediary functions, market participants maintaining a high level of confidence in thefinancial market, and the financial infrastructure being well developed. Financial stability is regarded as one of the policy goals that must be achieved, together with pricestability and economic growth, for a sustainable economic development. Policy authorities aroundthe world thus devote great efforts to achieving financial stability. As part of its conduct of macroprudential policies, the Bank of Korea has been publishing the Fi-nancial Stability Report on a biannual basis since 2003, analyzing and assessing the potential risksinherent in the Korean financial system and suggesting related policy challenges. In particular, the Bank of Korea Act, amended in 2011, clearly assigned the Bank of Korea the re-sponsibility for maintaining financial stability (Article 1) and made it mandatory for the bank todraw up and submit Financial Stability Reports to the National Assembly (Article 96). The Financial Stability Report for the first half of 2025 covers financial stability information avail-able until two weeks before its publication, unless otherwise noted. It is hoped that this Financial Stability Report will help financial market participants, regulatorsand policymakers to recognize the risk factors inherent in the financial system at an early stage,and deal with them appropriately. <Bank of Korea Act> Article 1 (Purpose) ②The Bank of Korea shall take heed of financial stability in performing its monetaryand credit policies. Article 96 (Reporting, etc. to National Assembly) ①The Bank of Korea shall prepare an assessment report on progress in implementingmonetary and credit policies and macro-financial stability conditions at least twiceevery year and submit it to the National Assembly. [ Executive Summary ]1 Contents I. Stability Situation by sector11 1. Household and Corporate Credit13 (1) Household Credit13(2) Corporate Credit18(3) Credit Leverage23 2. Financial Asset Markets30 (1) Bond Markets30(2) Stock Markets32(3) Real Estate Markets35(4) Other Asset Markets40 3. Financial Institutions53 (1) Banks54(2) Non-Bank Financial Institutions59(3) Interconnectedness69 4. External Sector89 (1) Foreign Exchange and Foreign Currency Funding Markets89(2) Capital Flows91(3) External Payment Capacity95 5. Financial Systems and Policies102 (1) Trends in Major Macroprudential Policies102(2) Other Financial Stability Actions105(3) Payment and Settlement Systems108 II. Analysis of Key Fianancial Stability Issues115 1.Impacts of Domestic and Global Uncertainties on Cor-porate Credit Risk117 2.Assessment of Risks in Non-Bank Financial Institutionsby Type and Implications134 III. Status and Assessment of Korea’s Housing Policy Finance (1) Background150(2) Current Status and Effects of Housing Policy Finance151(3) Assessment of Potential Financial Stability Risks157(4) Future Directions for Improvement166 Box 1.Assessment of Recent Debt Repayment Capacities of25Self-Employed Business Owners and ImplicationsBox 2.IRecent Housing Market Characteristics and Implications42Box 3.Stablecoin Trends and Potential Risks Related to47Financial StabilityBox 4.Current Status and Implications of Domestic Banks'71Lending Based on the Loan Officer SurveyBox 5.Major Drivers of the Delayed Improvement in Delinquency78Rates Among Non-Bank Deposit-Taking InstitutionsBox 6.Assessment of Capital Securities Recently Issued by83Insurance Companies: Status and Risk FactorsBox 7.Global Capital Flows During Recessions and97Implications for Portfolio Investment in Foreign SecuritiesBox 8.Impacts of Cyber Risk on Financial Stability and110Policy Responses in Major Jurisdictions List ofBoxes Guide to Using URLs and QR Codes The 'Financial Stability Report' is available on the Bank of Korea's website. You canview the relevant information using the URL and QR code provided below. Click the URL belowBank of Korea>Financial Stability>Financial Stability>Financial Stability Reports Report file users Capture the QR code below with your smartphone. Report booklet users Financial Stability Report at a Glance Overall Assessment of Financial Stability Situation Korea’s financial system remainsstable overall. Volatility in financial and foreign exchange markets has increaseddueto global trade conflicts, domestic and international economic slowdowns,and heightened geopolitical risks.However, given thefavorable resilience of financial institutions and the external sector,Korea’s financial system has maintained overall stability.Amid rising domestic and external uncertainties, the potential amplifi-cation of risks in vulnerable household borrowers, thecorporate sec-tor and non-bank financial institut